Rush Enterprises Inc - RUSHA STOCK NEWS

Rush Enterprises reported impressive 2021 financial results, with annual revenues of $5.1 billion and record-high net income of $241.4 million, or $4.17 per diluted share. This marks a significant increase from $4.7 billion in revenues and $114.9 million in net income in 2020. The board declared a cash dividend of $0.19 per share for Class A and Class B stock, payable on March 15, 2022. The company also completed its largest acquisition, adding 17 dealerships. Despite supply chain challenges, aftermarket revenues grew by 12.1%.

Rush Enterprises (NASDAQ: RUSHA, RUSHB) will host a conference call on February 17, 2022, at 10:00 a.m. Eastern, to discuss its Q4 2021 earnings. Earnings will be reported after the market closes on February 16, 2022. The call will feature key executives, including President Rusty Rush and CFO Steve Keller. Investors can participate by dialing 877-638-4557 (toll-free) or access the live webcast on the company's investor relations website. An audio replay will be available until February 24, 2022.

Cummins and Rush Enterprises have formed a joint venture, acquiring a 50% stake in Momentum Fuel Technologies. This partnership aims to enhance the production of near-zero emissions natural gas powertrains for commercial vehicles in North America. Utilizing renewable natural gas, the engines can achieve net greenhouse gas emissions at or below zero. The collaboration leverages Cummins' expertise in powertrains and Rush's established network of support locations, providing comprehensive service solutions for CNG customers across more than 250 locations in the US and Canada.

Cummins Inc. (NYSE: CMI) has acquired a 50% equity interest in Momentum Fuel Technologies from Rush Enterprises (NASDAQ: RUSHA & RUSHB). This joint venture aims to produce near-zero emissions natural gas powertrains for the commercial vehicle market in North America. The collaboration will leverage Cummins’ expertise in powertrains and Momentum’s advanced compressed natural gas (CNG) fuel delivery systems. The new initiative is anticipated to drive growth, addressing upcoming regulatory requirements and increasing demand for renewable natural gas (RNG) solutions.

Rush Enterprises has acquired select assets of Summit Truck Group for approximately $205 million, marking the largest acquisition in its history. This deal expands Rush's network to 125 locations across 22 states and includes 16 dealerships and Idealease operations. With Summit’s assets generating $450 million in unaudited revenues in 2020, the transaction is expected to be immediately accretive to cash flow and earnings. This strategic move enhances Rush's footprint in key trucking markets and reinforces its position as a leader in the commercial vehicle industry.

Rush Enterprises, Inc. (Nasdaq: RUSHA, RUSHB) has announced a new stock repurchase program allowing for the repurchase of up to $100 million in Class A and Class B shares. This replaces the prior program, where $30.7 million had been repurchased. CEO W.M. “Rusty” Rush expressed confidence in continued cash generation despite industry challenges from the COVID-19 pandemic and supply chain issues. The new program aims to enhance shareholder returns, alongside a $1,000 bonus for approximately 6,500 employees. The share buyback is set to last until December 31, 2022.

Rush Enterprises reported third-quarter revenues of $1.27 billion, a 7.5% increase year-over-year, with net income of $69.4 million or $1.20 per diluted share, boosted by strong demand and expense management. The Board declared a cash dividend of $0.19 per share for Class A and B common stock, payable on December 10, 2021. Despite these gains, supply chain issues continue to impact new truck and aftermarket sales. The company achieved an absorption ratio of 134.0%, indicating strong profitability from its service operations.

Rush Enterprises, Inc. (NASDAQ: RUSHA, RUSHB) has appointed Troy Clarke to its Board of Directors, effective immediately. Clarke brings extensive experience from his previous roles at Navistar International Corp., where he served as CEO and Executive Chairman. He succeeds James Underwood, who will retire in early 2022. This leadership change is anticipated to enhance the company's strategic direction in the commercial vehicle sector. The company operates the largest network of commercial vehicle dealerships across North America, emphasizing customer solutions in the truck and bus markets.

Rush Enterprises is set to discuss its third-quarter earnings during a conference call on October 21, 2021, at 10:00 a.m. Eastern/9:00 a.m. Central. Earnings will be announced after the market closes on October 20, 2021. Interested parties can join by dialing 877-638-4557 (toll-free) or 914-495-8522. The call can also be accessed live on the company's website. A replay of the call will be available until October 28, 2021, at 855-859-2056. Rush Enterprises operates the largest network of commercial vehicle dealerships in North America.